SIG confirms £150m raise plans as firm swings to loss May 29, 2020 Building products supplier SIG this morning confirmed plans to raise £150m from a share issue after the firm swung to a loss in 2019. The company said that investment firm Clayton, Dubilier and Rice (CDR) had agreed to invest £85m into SIG, and would take two board seats as a result. The announcement initially prompted [...]
UK car industry flatlines as just 197 cars built in April May 29, 2020 The UK car industry made just 197 cars in April as the shuttering of factories due to the coronavirus pandemic sent production flatlining. Total production dropped 99.7 per cent, with the lowest number of cars built in one month since the Second World War, according to new data from the Society of Motor Manufacturers and [...]
Renault to cut 15,000 jobs in Covid-19 restructuring plan May 29, 2020 Renault today unveiled plans to slash roughly 15,000 jobs worldwide as part of a drastic restructuring plan aimed at counteracting a sharp slump in sales during the Covid-19 crisis. The car manufacturer said it was launching talks with unions to restructure some of its plants in France and potentially close others in a bid to [...]
Easyjet to axe 30 per cent of staff as coronavirus hits airline sector May 28, 2020 Budget airline Easyjet today said it would cut up to 30 per cent of its staff and reduce its fleet in preparation for an expected slowdown in flights in the aftermath of coronavirus. Easyjet said it would launch a consultation with staff in the upcoming days. The airline said it does not expect demand to [...]
Norwegian Air loss deepens after carrier clings on May 28, 2020 Norwegian Air today reported that it made a loss of 3.3bn Norwegian krone (£270m) in the first quarter after the low-cost carrier narrowly avoided going out of business due to the coronavirus pandemic. The loss for the period was 66 per cent deeper than that reported in the same quarter last year, when the airline [...]
Nissan backs UK plant as it unveils restructuring plan May 28, 2020 Nissan’s Sunderland factory will stay open as the Japanese carmaker unveils its global restructuring plan amid the coronavirus crisis. However, the carmaker will close its plant in Barcelona, resulting in the loss of about 2,800 jobs, according to the Spanish government. The closure could cost Nissan up to €1bn (£898m), the government said. It is [...]
More than 70 travel bosses sign letter calling for end to quarantine May 28, 2020 More than 70 bosses of travel companies have signed a letter calling on the government to scrap a planned 14-day quarantine for arrivals from overseas. From 8 June travellers arriving from abroad will be asked to quarantine for 14 days or risk paying a £1,000 fine to help stop the spread of coronavirus.. Holiday and [...]
London First: Give more powers to City Hall to fund TfL May 28, 2020 Business group London First has this morning called on the government to devolve further powers to the Greater London Assembly in order to secure the long-term finances of Transport for London (TfL). In a new report produced in partnership with KPMG, the group argues that unless City Hall is given access to tax revenues via [...]
Boeing to cut nearly 7,000 jobs as coronavirus batters aircraft demand May 27, 2020 Aerospace giant Boeing will lay off 6,770 workers this week, with several thousand more set to be cut over the coming months. In an email to staff today, chief executive Dave Calhoun shared the news, saying: “I wish there was another way”. In April, the planemaker said that it would cut 10 per cent of [...]
Lufthansa board stalls bailout decision over landing slot conditions May 27, 2020 Lufthansa’s supervisory board has this afternoon postponed approval of the German flag carrier’s €9bn bailout package due to conditions imposed by the European Union. As part of the deal, the body’s executive the European Commission had asked Lufthansa to waive the rights to six out of 300 landing slots at Frankfurt and Munich airports. At [...]